Sec. 17-72. - Amount of potential credit.
Belmont Planning Code · 2026-07 edition · ingested 2026-07-07 · Belmont
(a)
The director shall review the application for credit and recommend to the approval body whether it is in the city's best interest to allow the applicant to provide the proposed capital improvement and receive a credit rather than pay the fee.
(b)
If the approval body approves the application for credit, the applicant will be entitled to credit against fees otherwise owed, provided that the applicant enters into an agreement with the city which includes the following essential terms:
(1)
The design of the specified capital improvement is approved by the city.
(2)
The applicant agrees to provide the specified capital improvements in return for the credit.
(3)
The amount of credit available to the applicant shall not exceed the lesser of:
a.
The applicant's actual cost of providing the specified capital improvement or purchasing land to be dedicated, to be evidenced by the submittal of written documentation to the satisfaction of the director; and
b.
The estimated cost of providing the specified capital improvement or land dedicated, as identified in the implementing resolution.
(4)
The applicant provides improvement security in a form and amount acceptable to the city.
(5)
The applicant identifies the development projects to which the credit will be applied.
(6)
The credit may only be applied to fees which would otherwise be owed for the capital improvement category relevant to the specified capital improvement.